SovEcon: Russian and global grain market news – June 05, 2024

Daily news and market insights from a leading firm focused on the Black Sea grain markets research

On Tuesday, grain futures continued to decline. The July SRW wheat contract closed at $6.58/bu ($242/mt; -2.1% compared to Monday). The July US corn contract closed at $4.42/bu ($174/mt; -0.2%). The September Euronext wheat contract closed at €258.50/mt ($281/mt; -0.1%).

Egypt’s GASC purchased 470,000 mt of wheat in a tender on Tuesday, including 180,000 mt from Romania, 120,000 mt from France, 120,000 mt from Ukraine, and 50,000 mt from Bulgaria.

Algeria’s state grain agency OAIC purchased around 800,000 mt of wheat in an international tender on Tuesday, European traders reported.

Jordan announced an international tender to purchase up to 120,000 mt of milling wheat of optional origin, European traders reported. The deadline for submitting offers is June 11. At the previous tender on June 4, all offers were rejected. The country has repeatedly rejected offers and made no purchases in tenders held in April and May.

According to the European Commission, as of June 2, EU soft wheat exports for the 2023/24 season reached 28.17 mmt, down 5% from the previous year. Barley exports from the EU totaled 5.44 mmt, down 13% from the corresponding period in the 2022/23 season. Corn imports into the EU amounted to 17.07 mmt, down 32% from the previous year.

Leading South Korean animal feed maker Nonghyup Feed Inc. (NOFI) purchased around 133,000 mt of feed corn in an international tender on Tuesday, with delivery from South America or South Africa, European traders reported.

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